Chengdu Tianqi receives Australian Foreign Investment clearance for its proposed acquisition of Talison

TORONTO, Nov. 23, 2012 /CNW/ - Chengdu Tianqi Industry (Group) Co., Ltd.
("Tianqi") and Windfield Holdings Pty Ltd ("Windfield"), a wholly-owned subsidiary of Tianqi, today announcedthat they have received formal advice from Australia's Foreign
Investment Review Board that the Australian Government has no
objections to the proposed acquisition by Windfield of a 100% interest
in Talison Lithium Limited ("Talison').

Tianqi and Windfield currently own 17,143,422 or 14.99% of the issued
and outstanding shares in Talison. With Australian foreign investment
clearance now obtained, Windfield may now proceed to settle on an
additional 5,734,611 shares whose purchase was subject to foreign
investment clearance. Upon settlement of these purchases, Tianqi and
Windfield will own 22,878,033 shares or 19.99% of the issued and
outstanding shares in Talison.

Furthermore, Tianqi and Windfield now have the right to vote, or direct
the voting of, all of the 22,878,033 shares and intends to vote, or
cause to be voted, all them against Rockwood's proposed scheme of
arrangement.

An early warning report will be filed on SEDAR and will be available for
review at www.sedar.comunder Talison's profile.

Tianqi's financial adviser is RedBridge Grant Samuel, its tax and
accounting adviser is PricewaterhouseCoopers, and its legal advisers
are Linklaters and ZhongLunin China, Allens in Australia and Stikeman Elliott in Canada.

Further Information About Tianqi:

Tianqi is a privately held Chinese company founded in 2003. Its business activities are primarily conducted through the following
subsidiaries:

Sichuan Tianqi Lithium Industries, Inc. - a Chinese company listed on the Shenzhen Stock Exchange, engaged in
the production of lithium carbonate and other lithium products from
chemical-grade lithium concentrates sourced from Talison;

Tianqi and its subsidiaries conduct their operations mainly from China,
but have customers, business partners and suppliers in various
countries around the world, including Europe, Australia, the United
States and Japan.